Factors of Production: Exploring Fixed and Variable Inputs

The video tutorial on the channel 'Finest Learning' discusses the factors of production, which are divided into fixed and variable factors. Fixed factors, such as machinery and land, remain constant regardless of output levels. In contrast, variable factors, like labor and raw materials, can be adjusted based on production needs. The video concludes with a call to action for viewers to like, share, and subscribe.

What are the two main types of factors of production?

• Fixed and Variable

• Internal and External

• Direct and Indirect

• Primary and Secondary

Which of the following is an example of a fixed factor of production?

• Labor

• Raw Material

• Electricity

• Machinery

What characteristic defines a fixed factor of production?

• It can be changed in the short run

• It remains constant regardless of output levels

• It is always increasing

• It is dependent on market demand

Which factor of production can be adjusted in the short run to meet changes in output?

• Fixed factor

• Variable factor

• Capital

• Land

If the output level is zero, what happens to the use of variable factors?

• It decreases

• It becomes zero

• It increases

• It remains constant